please use clear plotted points will upvote ty!!!

7. Short-run supply and long-run equilibrium Consider the competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 100 90 30 70 80 30 COSTS (Dollars perton) 40 ATC 30 20 AVO 10 O 0 10 00 100 20 30 40 30 80 70 80 QUANTITY (Thousands of tons) The following diagram shows the market demand for steel. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve) Nest, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. 100 8 40 Supply (10 firms 70 60 Supply (15 firms) PRICE (Dollars perton) 8 so A 40 Supply (20 firme) Demand 30 20 10 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of tons) If there were 10 firms in this market, the short-run equilibrium price of steel would be . Therefore, in the long run, firms would per ton. At that price, firms in this industry would the steel market. Because you know that competitive firms carn economic profit in the long run, you know the long-run equilibrium price must be per ton. From the graph, you can see that this means there will be firms operating in the steel industry in long-run equilibrium True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. True False